Here’s what happened in crypto today
Today in crypto, the United Kingdom’s Financial Conduct Authority (FCA) has outlined new proposals for how existing financial rules should apply to cryptocurrency, Bitwise said new US listing rules will be a boon for crypto ETFs, and Google unveiled an open-source protocol for AI-powered payments with stablecoins.UK FCA considers waiving some TradFi rules for crypto companiesThe UK FCA published a consultation paper on Wednesday, setting out minimum standards that crypto companies must meet once the industry is formally brought under its remit. The regulator said the rules are designed to balance innovation and competitiveness with protections for consumers and market integrity.“We want to develop a sustainable and competitive crypto sector, balancing innovation, market integrity and trust,” said David Geale, executive director of payments and digital finance. Geale said that while the proposals will not erase crypto investing risks, they will help companies meet common standards so consumers have a better understanding of what to expect. The FCA said that many of the requirements are similar to obligations that apply to traditional financial institutions. This includes rules on operational resilience and controls against financial crime. The regulator also opened discussions on issues unique to crypto markets. The FCA is seeking comments on whether the UK’s Consumer Duty, which mandates financial firms to deliver good outcomes for consumers, should also apply to crypto companies and crypto asset activities. The regulator also seeks views on how crypto-related complaints should be managed, including whether consumers can refer them to the Financial Ombudsman Service, the UK’s official body for settling disputes between financial companies and consumers. Feedback is due in October and November, with final rules for crypto firms scheduled to be published in 2026.SEC new listing rules to boost crypto ETFs: BitwiseThe US Securities and Exchange Commission streamlining the approval process for crypto exchange-traded products (ETPs) could trigger a surge of new offerings, but that doesn’t guarantee their success, Bitwise chief investment officer Matt Hougan said on Monday.“The adoption of generic listing standards — which could come as early as October — will likely usher in a ton of new crypto ETPs,” he said, but added the “mere existence of a crypto ETP does not guarantee significant inflows.”“You need fundamental interest in the underlying asset,” Hougan added. “I suspect ETPs built on assets like Bitcoin Cash will have a hard time attracting flows unless the asset itself finds new life.”He emphasized that launching ETPs positions the products to rally when “fundamentals start to turn,” as they make it easier for traditional investors to allocate capital to crypto.Currently, the SEC reviews spot crypto ETPs on a case-by-case basis, which can take months. Issuers must file detailed proposals showing that the underlying market is sufficiently liquid and resistant to manipulation, among other requirements. Google unveils open-source protocol for AI payments with stablecoin supportGoogle has unveiled an open-source protocol that allows AI applications to send and receive payments, including transactions using stablecoins — highlighting the growing role of dollar-pegged cryptocurrencies in the emerging AI-driven web.The initiative is being launched in partnership with Salesforce, American Express and more than 60 other companies, Fortune reported Tuesday. Stablecoin functionality was developed in collaboration with crypto exchange Coinbase, and the Ethereum Foundation was also consulted on the project. James Tromans, head of Web3 at Google Cloud, confirmed the rollout, telling Fortune that the protocol was designed to support both “existing payment rail capabilities as well as forthcoming capabilities such as stablecoins.”Coinbase engineer Erik Reppel said the exchange worked with Google to make their payment systems interoperable. “We’re all working to figure out how to make AI transmit value to each other,” he told Fortune.The payment system builds on Google’s Agent2Agent Protocol, introduced in April, which provides a framework for AI agents to exchange information and interact more efficiently. It was developed with support from more than 50 technology partners, including PayPal, Salesforce and SAP, and consulting firms such as Deloitte, McKinsey and PwC.The Tuesday announcement comes amid a growing push to connect AI agents — autonomous software programs capable of making decisions without human input — with decentralized finance (DeFi) protocols. Such integration could streamline trading, improve user interaction, and expand real-world payment use cases.